On October 1, Laurence Frappier, FCIA, became Canada’s Chief Actuary, marking a milestone in a career dedicated to strengthening the public programs Canadians rely on throughout their lives.
As Chief Actuary at the Office of the Superintendent of Financial Institutions, she leads the Office of the Chief Actuary (OCA), which provides independent actuarial advice on programs including the Canada Pension Plan, Old Age Security, Employment Insurance, student financial assistance and pension and benefit plans for federal public servants and other federal groups. Its work helps Parliament, governments and Canadians understand the long-term financial outlook of these programs.
For Laurence, the appointment brought a mix of gratitude, excitement and humility.
“The Office of the Chief Actuary has a long-standing reputation for independence, integrity and professional excellence, and I feel privileged to have the opportunity to help build on that legacy,” she says.
The moment also carried personal significance. She has spent more than a decade working on public programs that play an important role in Canadians’ lives, learning from colleagues, mentors and leaders along the way. Taking on the Chief Actuary role, she says, is both an honour and a responsibility she takes seriously.
Experience across Canada’s public programs
Laurence joined the OCA in 2011 following 15 years in private pension consulting. Before becoming Chief Actuary, she served as a Senior Director, leading actuarial reports, studies and advisory services related to a range of public programs.
Through this work, she gained a close view of the demographic and economic forces affecting these programs, as well as the distinct challenges each faces.
“One of the unique aspects of working at the OCA is the breadth of programs under our responsibility,” she says. “From the Canada Pension Plan and the Old Age Security program to Employment Insurance, student assistance and public sector pension and benefit plans, that breadth of experience has given me a deep understanding of the diverse challenges facing Canada’s public programs.”
Just as important has been the opportunity to lead teams, develop talent and collaborate with clients and stakeholders. Laurence says those experiences reinforce an essential point: leadership is ultimately about people.
That belief will shape her leadership as Chief Actuary. While she is committed to preserving the OCA’s independence, professionalism and high-quality actuarial work, she also wants its people to help shape the OCA’s future.
“The OCA’s success has always been driven by the talent and dedication of its people,” she says. “I look forward to working together with them to shape the next chapter of the organization.”
Bringing clarity to an uncertain future
The OCA’s work often involves programs with long-term horizons and complex, interconnected risks. Its responsibility extends beyond producing best-estimate projections to helping decision-makers understand what could change, what the consequences might be and how much uncertainty surrounds the results.
“Independence, transparency and a clear articulation of risk are fundamental to maintaining public confidence in both our work and the programs for which we provide actuarial services”
Laurence Frappier, FCIA and Chief Actuary
That responsibility is becoming more complex. Demographic shifts, economic developments, climate-related risks and technological change can influence both the programs the OCA assesses and the assumptions underlying its projections.
Rather than viewing these trends in isolation, Laurence emphasizes their interdependence. Climate-related risks, for example, may affect demographic, economic and financial factors simultaneously. Against that backdrop, she believes heightened uncertainty will be one of the defining features of the years ahead.
“The pace of change appears to be accelerating, and the range of plausible future outcomes may be wider than in the past,” she says. “This reinforces the importance of understanding risks, testing alternative scenarios and communicating uncertainty in a meaningful way.”
Laurence’s vision for the future
As Chief Actuary, Laurence sees her role as both preserving the strengths that have earned the OCA its reputation and ensuring it continues to evolve to meet new challenges.
“My priority is to build on the many strengths that have made the Office of the Chief Actuary a respected and trusted organization, while continuing to evolve and adapt to new challenges and opportunities,” she says.
For a leader whose career has been shaped by public service, that balance between continuity and adaptation will help steer the OCA through the years ahead.
Laurence Frappier, FCIA, FSA, Canada’s Chief Actuary, has extensive experience in Canada’s retirement income system. In addition to her role as Vice-Chair of the International Actuarial Association’s Pensions, Benefits and Social Security Forum, she serves on the CIA Committee on Participation in the International Actuarial Association.